[Part of the East 5th Street buildings owned by Raphael Toledano]
As we first reported in September, Raphael Toledano's Brookhill Properties was selling more than a third of its East Village properties.
Now comes word via The Real Deal that Toledano is expanding the scope of the sale to 13 East Village buildings. (He acquired the 13 buildings through two separate deals with the Tabak family last year, paying $140 million to acquire 28 buildings in total.)
According to The Real Deal, these are the buildings for sale:
• 514 E. 12th St.
• 510 E. 12th St.
• 251 E. 10th St.
• 253 E. 10th St.
• 332 E. Ninth St.
• 334 E. Ninth St.
• 27 St. Mark’s Place
• 66 E. Seventh St.
• 223 E. Fifth St.
• 229 E. Fifth St.
• 231 E. Fifth St.
• 233 E. Fifth St.
• 235 E. Fifth St.
Records show that Toledano paid a combined $76 million for the 13 buildings he’s shopping. Now, the price tag for these 13 buildings, which feature 206 apartments and 12 retail spaces, is $160 million, a number sources told The Real Deal was ambitious.
The Brookhill Properties website shows that the company owns 21 buildings in the East Village. However, that number is starting to decrease.
In September, he reportedly sold 221 E. 10th St. and 58 St. Mark’s Place. There was also a listing for 444 E. 13th St. (That address is no longer on the Cushman & Wakefield website.)
In an interview published by The Real Deal back in June, Toledano said that he will keep his core East Village assets "for eternity."
As previously reported, Toledano, 26, has been accused of a variety of predatory practices. In addition, 20 of his buildings were tested for toxic levels of dust. In May, Toledano agreed to pay more than $1 million to settle a lawsuit that alleged that he harassed rent-regulated residents at 444 E. 13th St. He also apparently ruined Thanksgiving for a few East 12th Street residents.
Getting out before the bubble goes "plop!"?
ReplyDeleteHe's clearly just the straw man for something shady. This doesn't add up at all.
ReplyDeleteMeanwhile the ever-honorable Rafi is defaulting left and right on buyout agreements that he made with tenants, with no communication about when/whether they will be honored. It's a nightmare.
ReplyDeleteAfter settling the lawsuit brought against him last year by his uncle Aaron Jungreis, head of the Rosewood Realty Group, for cutting his uncle out of this deal, he probably has no choice but to sell. Toledano probably has so much bank debt plus obligations due to the settlement that he has to get out before the deal crushes him. Just like Ben Shaoul, this guy went against his own family in the family business. That ever ends up well.
ReplyDeleteI wonder how much Satan will actually pay him for them?
ReplyDeleteI think the correct word for people like Toledano is "carpetbagger" - an unscrupulous opportunist; an outsider who seeks private gain by meddling in an area.
ReplyDeleteIt would be nice if NOBODY were willing to pay him anywhere near the asking price.
Toledano deserves all the lousy karma coming his way. I imagine him locked in a room with Martin Shkreli; they could try to out-slime each other.
Maybe Jared Kushner's making all the slumlord developers nervous?
ReplyDeleteI think its called flipping.
ReplyDeleteAnon December 5, 2016 at 11:38 AM--
ReplyDeleteSue Toledano; that's the only way to get your buyout payment...it works: it's hard to sell a building with a suit/lien on it.
And THE VILLAGER writes that these tenants can now breathe a sigh of relief! NOT SO! The next landlord will be paying even more than this one and so will be even more motivated to remove rent regulated tenants, and will probably have a lot more experience and expertise in doing so. BAD NEWS FOR THESE TENANTS.
ReplyDeleteI wonder WHO Toledano is fronting for??
ReplyDelete